Index trend and stocks in action September 10, 2018

On the last trading session of the week, the NSE benchmark Nifty witnessed a soft opening. However, buying momentum was seen as the day progressed and Nifty ended the session near the day’s high just shy of the crucial 11,600 mark, with gains of 0.45 per cent. The price action formed a small body positive candle with a long lower wick. In the coming sessions, the levels of 11,630, followed by 11,700, are likely to act as immediate resistance levels, while on the way down, Nifty is expected to take support at the levels of 11,520, followed by 11,480.  

Union Bank of India: The Reserve Bank of India has imposed  a penalty of Rs 10 million on the bank for delay in detection and reporting of fraud. 
  
RITES:  The company has secured an additional work of Rs 294.67 crore from the Ministry of Railways for doubling of Dharmavaram Penukunda rail lines (41.5 km) on the South-Western Railway . 
  
Thyrocare Technologies: The company has approved buyback of 8.63 lakh shares at Rs 730 per share.  
  
Omax Autos:  The board in its meeting held has approved the proposal for establishing a new manufacturing unit at suitable location in Uttar Pradesh for manufacturing products and equipments supplied to railways. 
  
Reliance Industries: Reliance Retail Ventures Limited (RRVL), a subsidiary of the company, has purchased 16.31 per cent equity holding in Genesis Colors Limited (GCL) for a consideration of Rs 34.80 crore.  Post the acquisition, Reliance Retail Ventures along with its subsidiaries, owns 65.77 per cent in Genesis Colors. 
  
Reliance Capital: The company has received the Certificate of Registration from the Reserve Bank of India as core investment company and as a non-deposit taking systemically important institution. 
  
Cyient: Cyient Australia Pty Ltd, a wholly subsidiary of Cyient Limited, has acquired 86 per cent in Cyient KK (another subsidiary of the company). 
  
Soril Infra Resources: The company board has approved the proposal of raising fund for diversification/expansion of the existing and future businesses . 
  
Bank of India:  The bank will pay a penalty of Rs 10 million on account of 'violation of RBI guidelines on frauds- classification and reporting' in the accounts of Winsome Diamond and Jewellery Limited and Forever Precious Diamond and Jewellery Limited.